Following yesterday’s Cabinet Office report on ‘Fair Access to the Professions,’ we’ve been pondering whether investment banks are doing their bit to grease the rusty-looking cogs of social mobility in the UK.
The answer appears to be equivocal. The report’s main criticism is that the privately educated have unfair access to the professions, an area in which banks’ record is (superficially) mixed. On one hand you have the likes of Roger Jenkins (possibly the highest earner at BarCap until he announced his resignation this week), who was privately educated at Edinburgh Academy. On the other, you have Lloyd Blankfein, who grew up on a Brooklyn council estate.
The report doesn’t break out the percentage of bankers who are privately educated, but does state that 70% of finance directors were. Interestingly, however, LinkedIn, suggests banks are more interested in employees’ universities than their schooling. A search for Eton and Winchester College in the investment banking section yields only 24 and 17 results respectively. A search for Oxford and Cambridge yields 1,077 and 928.
‘Honest’ Morgan Stanley posts gigantic loss. (Clusterstock)
BofA Merrill Lynch has hired 100 investment bankers so far this year. (Financial News)
UBS loses veteran fixed income strategist to mystery fund. (Bloomberg)
HSBC’s chief global equity strategist has mysteriously resigned. (Bloomberg)
Christine Lagarde really doesn’t like guaranteed bonuses and thinks they’re an “absolute disgrace.” (Financial Times)
Some investment bankers at RBS have seen their salaries rise 300%. (The Times)
Jamie Dimon made $2.3m selling options. (Reuters)
They’re just taking the spread between the bid and the ask and they are making very luxurious returns.” (Financial Times)
Bankers can’t afford to play at being farmers any more. (Guardian)
Only another five years before UK income per head hits 2008 levels. (Guardian)